Modern International Investment Law as an Example of Extra-territorial Law-making and Law-enforcement

Abstract

This chapter examines whether and to what extent, the hypotheses regarding the reduced role of states in international law prove to be correct and, thus, reflect an important change in the basic structure of international law as a primarily state-based and state-oriented system of law-making and law-enforcement. In order to assess whether and to what extent such a change has taken place, this chapter starts with short overviews of the structural elements of traditional public international law and traditional international investment law followed by more detailed descriptions of modern public international law and international investment law, respectively. This serves as the basis for the assessment as to whether modern international investment law does constitute an example of extraterritorial law-making and law-enforcement. Possibly even more characteristic for modern international law is the most considerable increase in the relevance of international courts and tribunals and quasi-judicial institutions for international dispute settlement. Keywords:extraterritorial law-making; international dispute settlement; law-enforcement; modern international investment law; traditional international investment law; traditional public international law